Monthly Archives: August 2012

Australian Guardians recently completed Australia’s first Superannuation Industry Disclosure Compliance Test. Only 70% of Trustees complied with a condition of their RSE Licence issued by the Prudential Regulator – APRA (and that was including funds who responded after the statutory time period of 30 days).

So 30% of Trustees are now on the Australian Guardians “Red Flag” list requiring further investigation.

So what has been the response from the “Regulators” ASIC and APRA?

Have ASIC and APRA taken any action to ensure that the Trustees of Government Regulated Superannuation Funds comply with their statutory disclosure obligations and the conditions of their RSE Licences?

Have ASIC and APRA applauded the mission of Australian Guardians to educate members of Government Regulated Superannuation Funds as to their legal rights and their right to have the Trustee of their Fund account for the Trustees administration of the fund and to provide copies of the legal documents that would confirm whether or not the Trustee had paid the Member’s lawful superannuation entitlement?

Now both ASIC and APRA are attempting to block Australian Guardians from obtaining access to Fund Documents by alternative means by way of the Freedom of Information Act 1982. Both ASIC and APRA have lodged submissions with the Freedom of Information Commissioner seeking to have the founder of Australian Guardians declared a vexatious applicant and therefore denied the right to seek information under the Freedom of Information Act 1982!

So instead of taking action to protect some of the 12 Million unique Members who might be Members of Funds with Trustees on the “Red Flag” list both APRA and ASIC have conspired to “Shoot the Messenger“, hoping that the cover-up of fraud in the $ 1 Trillion Superannuation System can continue with the Public Servant lawyers looking after their mates who have gained control of Billions of Dollars of “other peoples money“.

The days of bluffing the Responsible Minister in “Yes Minister” fashion by Public Servants with their own secure taxpayer funded superannuation are at immanent risk so all efforts to protect the cover-up must now be implemented.

However as Tom Petri observed:

“It is not the original scandal that gets people in the most trouble. It is the attempted cover-up”